Milan, November 28 - Monte dei Paschi di Siena (MPS) bank said Monday that stock market Consob approved the prospectus for its offer to convert subordinated bonds into shares. The offer begins later today and expires December 2, barring an extension. The bank said it has "no intention at the moment" of converting its FRESH convertible bonds. MPS shares were suspended on the Milan stock exchange after plunging by 7.3% to 18.55 euros a share, dragging the benchmark FTSE MIB index -1.8%. The MPS share price reflects a reverse stock split of 1 to 100, which took effect today. Other banking shares also took a beating in early trading, with Banco Popolare -4.04%, BPM -3.76%, UniCredit -3.55%, Intesa Sanpaolo -2.52% and UBI -2.24%.
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